Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi show all steps plz ( Linear Optimization ) Modeling Homework 9. Consider a farmer who specializes in raising wheat, corn, and sugar beets on

hi show all steps plz (Linear Optimization ) Modeling Homework

image text in transcribed
9. Consider a farmer who specializes in raising wheat, corn, and sugar beets on his 500 acres of land. During the winter, he wants to decide how much land to devote to each crop. The farmer knows that at least 200 tons of wheat and 240 tons of corn are needed for cattle feed. These amounts can be raised on the farm or bought from a wholesaler. Any production in excess of the feeding requirement would be sold. Selling prices are $170 and $150 per ton of wheat and corn, respectively. The purchase prices are 40% more than this due to the wholesalers margin and transportation costs. Another profitable crop is sugar beet, which sells at $36 per ton; however, the Farmers' Commission imposes a quota on sugar beet production. Any amount in excess of the quota can be sold only at $10 per ton. The farmer's quota for next year is 6,000 tons. Based on past experience, the farmer knows that the mean yield on his land is roughly 2.5 tons, 3 tons, and 20 tons per acre for wheat, corn, and sugar beets, respectively. The following table summarizes these data and the planting costs for these crops. Wheat Corn Sugar Beets Yield (tons/acre) 2.5 3 20 Planting cost ($/acre) 150 230 260 Selling price ($/ton) $170 $150 $36 under 6,000 tons $10 above 6,000 tons Purchase price ($/ton) $238 $210 NA Minimum requirement (tons) 200 240 NA Set up an optimization model to help the farmer minimize his cost while satisfying all of the above restrictions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Making Hard Decisions with decision tools

Authors: Robert Clemen, Terence Reilly

3rd edition

538797576, 978-0538797573

More Books

Students also viewed these Mathematics questions

Question

Make a presentation on "Information Security"

Answered: 1 week ago

Question

C + + how to make rows and columns

Answered: 1 week ago